破产隔离、公司治理对公共设施资产证券化融资成本的影响分析  

The Impact of Bankruptcy Remoteness and Corporate Governance on the Public Infrastructure Asset Securitization Financing Cost

作　　者：付焕[1] 王静[1] 

机构地区：[1]西北农林科技大学经济管理学院,陕西杨凌712100

出　　处：《统计与信息论坛》2016年第10期82-86,共5页Journal of Statistics and Information

基　　金：国家自然科学基金项目<农村金融联结机制及其关联信用风险演化机理研究>(71373207)

摘　　要：通过构建数理模型,探析了破产隔离、公司治理对公共设施资产证券化融资成本的影响机制,并以公共设施类资产证券化的优先级证券为对象进行了实证分析。研究表明:当前环境下,公共设施类资产证券化无法实现完全的破产隔离,若可实现,则能使平均融资成本降低66个基点;原始权益人的公司治理水平能够通过影响基础资产的质量对融资成本产生影响,公司治理水平每提升1%,融资成本就会下降34个基点;公共设施资产证券化的融资成本与融资规模和信用增进程度呈负相关关系,与融资期限及无风险利率呈正相关关系。By constructing the mathematical model, the impact mechanism of corporate governance and bankruptcy remoteness on the financing cost of public infrastructure asset securitization is analyzed, and the empirical analysis is carried out on the priority securities of public infrastructure asset securitization. The conclusions are as follows： Under the current background, the bankruptcy remoteness of public infrastructure asset securitization is uncomplete, and the average financing cost would be decreased by 66bps if it realized; the corporate governance level of initial owners can affect the financing cost by changing the quality of the underlying asset, and financing cost will fall 34bps if the corporate governance level increasing 1 % ; the public infrastructure asset securitization financing cost is negatively related to the financing scale and credit enhancement degree, but positively related to financing maturity and risk - free interest rate.

关 键 词：破产隔离 公司治理 公共设施 资产证券化 融资成本 

分 类 号：F294[经济管理—国民经济]